SWP Seeks ByLaw Changes

REGINA - Jul 30/02 - SNS -- The Saskatchewan Wheat Pool is seeking fundamental changes to the way it operates, by asking shareholders to move the rules for the election of directors and restrictions on Class B share ownership into the company's ByLaws.

The company was originally formed as a cooperative the rules governing those two areas of corporate governance as spelled out in provincial laws governing the formation of cooperatives. If the shareholders agree, the company will petition the provincial government to move these provisions into the Bylaws.

To proceed with the petition, two-thirds of delegates must approve both of the recommendations, and a further two-thirds of Class B shareholders must approve moving the provision respecting ownership restrictions.

The company claims it can take a year to get the Saskatchewan legislature to make governance changes. By moving the process for electing directors into the Bylaws, the company can more quickly implement recommendations that would strengthen the independence of the board and ensure the inclusion of directors with specialized skills identified by the Toronto Stock Exchange in its proposed corporate governance guidelines.

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